Commonwealth Consolidated Acts

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Limited discovery period for unders and overs

                   Despite section 276- 345, an * AMIT does not have an * under or an * over of a particular character for an income year (the base year ) if:

                     (a)  assuming the Commissioner made an assessment of the * trust component of that character on the day on which the document stating the AMIT's * determined trust component of that character for the base year was created; and

                     (b)  assuming the assessment had not been amended at the discovery time mentioned in subsection 276-345(2) for the under or over;

section 170 of the Income Tax Assessment Act 1936 would prevent the assessment from being amended to take account of the under or over.

Note:          Section 170 of the Income Tax Assessment Act 1936 specifies the usual period within which assessments may be amended.

Guide to Subdivision 276-G

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